Cyber Security has never been more important

Australian small businesses are increasingly falling prey to cyber-attacks, with a staggering 50% being targeted. These attacks are becoming more sophisticated, often leveraging artificial intelligence. Recent data indicates a surge in both the frequency and financial toll of these cyber incidents, with one reported every six minutes—a 25% increase from the previous year. The financial impact of each attack averages about $46,000, which for some businesses, is devastating enough to force closure.

The Council of Small Business Organisations Australia (COSBOA) is actively engaging with national authorities, alongside Telstra and CommBank, to steer small enterprises towards effective cyber security management. This includes resource allocation, embedding cyber security into the organizational mindset, and operational integration.

Tailored specifically for the small business sector, the Cyber Wardens initiative is a program that equips over 2.5 million small businesses across Australia with the knowledge and skills required for robust online protection and to fend off the financial blows of cyber-attacks.

Luke Achterstraat, COSBOA’s CEO, is a firm advocate for small business cyber resilience. He underscores the criticality of not underestimating cyber threats. He emphasizes the importance of cyber security training and resources as a shield for every business, its employees, and its clientele.

“The Cyber Wardens program”, Archterstraat explains, “is designed to arm small business proprietors with the defences needed to counteract these cyber risks. Businesses enrolled in the free Cyber Wardens program have already observed tangible benefits, and we are optimistic about its continued outreach.”

He believes that by proactively tackling the challenges faced by small businesses and capitalizing on available opportunities, these businesses can fortify their defences, secure their future, and significantly contribute to the nation’s economic fabric.

Find out more about Cyber Wardens here.

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The Peak program is brought to you by the Council of Small Business Organisations Australia (COSBOA) with grant funding from the Australian Government.

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